Retirement planning is a critical aspect of securing a comfortable and fulfilling life after work. For couples relying solely on Social Security, choosing the right location can make all the difference. Although New Jersey is known for its high cost of living and taxes, it also offers some hidden gems for affordable retirement living. This article highlights 15 of the best places in New Jersey for couples to live on Social Security, based on livability, cost of living, and housing affordability.
Our research indicates that the 2025 Social Security Cost of Living Adjustment (COLA) will be lower than adjustments seen in recent years. The latest projections suggest retirees can expect an average monthly increase of just $48, or a modest 2.5%. If this forecast holds true, it will mark the smallest COLA since 2020. For many retirees, this slight boost may do little to offset the inflationary pressures they face during retirement. Gallup’s annual Economy and Personal Finance Poll reports that 41% of Americans view inflation and the high cost of living as the top financial challenge their families face.
Compounding the issue, Social Security’s 2024 Annual Trust Fund Report predicts the trust fund will be depleted by 2033. While the improved economic outlook has delayed this depletion by a year, questions remain about whether Social Security will be able to continue paying full benefits beyond 2035. For retirees anticipating over two decades of retirement, relying solely on Social Security may not be a viable solution. In such cases, a combination of fixed income sources like pensions and a substantial personal savings could offer the best path to a secure and comfortable retirement.
Challenges of Retiring in New Jersey
This Article Includes
High Living Costs
New Jersey ranks as one of the least affordable states for retirees, with living costs 19.5% higher than the national average. Housing costs, particularly property taxes, are among the highest in the country. However, Social Security benefits remain tax-exempt, offering some relief.
The Importance of Financial Literacy
Many retirees struggle due to inadequate financial literacy and poor retirement planning. Studies show that those with formal financial plans have more confidence in their retirement prospects. Consulting financial advisors and developing personalized plans can significantly improve retirement readiness.
Methodology for Ranking the Best Places
The rankings below are based on a scorecard developed using data from sources like Area Vibes for livability scores and Zillow for median rent. Metrics such as cost of living and accessibility to amenities were standardized to identify the most affordable and livable locations.
The 15 Best Places in New Jersey for Couples on Social Security
15. Trenton
- Livability Score: 76
- Median Rent: $2,000
- Cost of Living Index: 107.3
Trenton offers lower median rents compared to the state average, despite being one of the pricier options on this list. Its historical attractions and proximity to larger metropolitan areas make it a desirable choice for retirees.
14. Absecon
- Livability Score: 72
- Median Rent: $1,975
- Cost of Living Index: 103.0
Located in Atlantic County, Absecon provides access to beaches and parks while being close to Atlantic City’s entertainment options.
13. Pitman
- Livability Score: 75
- Median Rent: $1,700
- Cost of Living Index: 105.5
This small-town community in Gloucester County boasts a lower cost of living and vibrant cultural attractions, making it an excellent choice for retirees.
12. Blackwood
- Livability Score: 69
- Median Rent: $1,695
- Cost of Living Index: 104.6
Blackwood offers affordable housing and proximity to outdoor recreation, making it a peaceful retirement option.
11. Newton
- Livability Score: 74
- Median Rent: $1,725
- Cost of Living Index: 108.5
Newton is nestled in the scenic Kittatinny Valley and provides retirees with access to state parks, hiking trails, and lakes.
10. Phillipsburg
- Livability Score: 73
- Median Rent: $1,617
- Cost of Living Index: 109.4
Phillipsburg’s location along the Delaware River and its historical landmarks make it a picturesque and affordable retirement spot.
9. Northfield
- Livability Score: 75
- Median Rent: $1,942
- Cost of Living Index: 98.0
Located near Atlantic City, Northfield offers a small-town vibe with easy access to top-notch shore towns.
8. Collingswood
- Livability Score: 79
- Median Rent: $1,895
- Cost of Living Index: 101.6
Collingswood is known for its vibrant farmers’ market and community-focused atmosphere, making it highly livable for retirees.
7. Woodbury
- Livability Score: 72
- Median Rent: $1,713
- Cost of Living Index: 103.0
Steeped in history, Woodbury offers retirees a mix of natural beauty and historical attractions.
6. Gloucester City
- Livability Score: 72
- Median Rent: $1,900
- Cost of Living Index: 96.1
Gloucester City combines affordability with proximity to parks, wineries, and entertainment hubs like Philadelphia.
5. Camden
- Livability Score: 70
- Median Rent: $1,600
- Cost of Living Index: 98.6
Camden’s affordable housing and access to cultural and historical landmarks make it an attractive retirement destination.
4. Linwood
- Livability Score: 76
- Median Rent: $1,850
- Cost of Living Index: 93.9
Linwood offers retirees a blend of affordability and easy access to Atlantic City’s attractions and beaches.
3. Millville
- Livability Score: 65
- Median Rent: $1,600
- Cost of Living Index: 94.3
Millville’s nature reserves, wildlife areas, and affordability make it a top contender for retirees seeking tranquility.
2. Vineland
- Livability Score: 66
- Median Rent: $1,729
- Cost of Living Index: 89.8
Vineland stands out for its affordability and proximity to wineries and Atlantic City, offering retirees a mix of relaxation and entertainment.
1. Bridgeton
- Livability Score: 74
- Median Rent: $1,450
- Cost of Living Index: 94.8
Bridgeton’s affordability, scenic waterfront views, and accessibility to major cities make it the best place in New Jersey for couples living on Social Security.
Conclusion
While New Jersey’s high cost of living presents challenges for retirees, there are still many affordable and livable locations for couples relying solely on Social Security. From the cultural attractions of Camden to the tranquil beauty of Bridgeton, these towns offer a mix of affordability, accessibility, and quality of life for retirees seeking to make the most of their golden years.
